Catalyst Bancorp(CLST) - 2024 Q2 - Quarterly Report

Financial Position - Total assets increased by $24.4 million, or 9.0$295.3 million at June 30, 2024, from $270.9 million at December 31, 2023[102] - Loans amounted to$153.3 million, or 51.9% of total assets, at June 30, 2024, up $8.3 million or 5.8$347,000, or 16.9%, to $1.7 million at June 30, 2024, from December 31, 2023[96] - Deposits rose by$14.4 million, or 8.7%, to $180.1 million at June 30, 2024, compared to December 31, 2023[96] - Investment securities decreased by$40.8 million, or 48.6%, to $43.2 million at June 30, 2024, from December 31, 2023[96] - Borrowings increased by$10.9 million, or 56.2%, to $30.3 million at June 30, 2024, compared to December 31, 2023[96] - Shareholders' equity decreased by$3.5 million, or 4.2%, to $81.0 million, representing 27.4$52.7 million at June 30, 2024, up from $44.6 million at December 31, 2023[117] Income and Expenses - Net interest income for the three months ended June 30, 2024, was$2.4 million, up $574,000, or 30.6$2.1 million, down $123,000, or 5.6$527,000 for the three months ended June 30, 2024, but a net loss of $4.2 million for the six months ended June 30, 2024[96] - Total interest income rose by$1.2 million, or 51.8%, to $3.5 million for the three months ended June 30, 2024[128] - Total interest expense increased by$629,000, or 140.4%, to $1.1 million for the three months ended June 30, 2024[130] - Non-interest income totaled$366,000, up $49,000 or 15.5$5.4 million compared to $611,000 for the same period in 2023[138] - Non-interest expense totaled$4.9 million for the six months ended June 30, 2024, up $483,000, or 11.0$2.2 million, or 1.45% of total loans, a slight decrease from 1.47% at December 31, 2023[105] - Total non-performing loans decreased to $1,600,000 from$1,991,000 at December 31, 2023[109] - The total provision for credit losses on loans was $194,000 for the six months ended June 30, 2024, compared to no provision for the same period in 2023[137] - The provision for credit losses was$99,000 for the three months ended June 30, 2024, compared to no provision in the same period of 2023[131] Revenue Growth - Total commercial real estate revenue increased by $1,593,000, or 7.4$23,071,000 compared to $21,478,000 in December 2023[104] - Multi-family residential revenue surged by$4,282,000, or 304.6%, reaching $5,688,000, up from$1,406,000 in December 2023[104] - Total construction and land revenue rose by $6,570,000, or 47.4$20,427,000 compared to $13,857,000 in December 2023[104] - Oilfield services revenue increased by$4,128,000, or 66.0%, to $10,382,000 from$6,254,000 in December 2023[104] Interest Rates and Yields - The average rate paid on interest-bearing deposits was 2.16% during the three months ended June 30, 2024, up 103 basis points compared to the same period in 2023[130] - The average rate paid on interest-bearing deposits was 2.14% during the six months ended June 30, 2024, up 121 basis points compared to the same period in 2023[136] - The average loan yield was 6.38% for the three months ended June 30, 2024, up from 5.09% for the same period in 2023[128] - The weighted average yield on mortgage-backed securities was 4.48% for the period[113] Liquidity and Capital Management - Total unused and available liquidity was $59.3 million as of June 30, 2024[144] - The company expects to retain the majority of maturing certificates of deposit, but may utilize borrowings or raise interest rates if a substantial portion is not retained[147]